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Agility cites world trade for “sluggish” forwarding

KUWAIT: August 09, 2016. Agility has reported revenue of US$1.018 billion for the second quarter (Q2) of 2016, a fall of six percent over the same period last year. Net income was US$49.5 million – an increase of 11 percent year-over-year.

Revenue for the first half (H1) of 2016 declined 6.0 percent to US$2.0 billion while net income rose 11 percent to US$92.73 million.

Q2 revenue for Agility's Global Integrated Logistics (GIL) division was US$768.9 million, a drop of 10 percent from the same period last year due to what the company said were low shipping and fuel rates. By contrast its Infrastructure services group produced revenue of US$264 million, a 12 percent increase over Q2 2015.

"Although the external market environment continues to be a challenge, particularly to our commercial logistics business, we are continuing to improve our financial performance by growing our Infrastructure portfolio of companies and simultaneously driving transformation of our GIL business," said CEO Tarek Sultan.

"'Subdued' trade forecasts for the year, to quote the WTO, continue to impact the freight forwarding market," added Sultan. He noted GIL recorded volume growth in its core air and ocean markets in Q2 and said it remains focused on products and markets that are growing despite "sluggish" overall volumes.

"Growing demand for contract logistics in emerging markets – an area that Agility has long-established market leadership in – coupled with improved yields in the freight business and better commercial discipline has resulted in margin expansion within GIL," he said.